Dogecoin Price Struggling at Key Resistance: Is DOGE-Mania Settled Within Narrow Range?

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29 Feb 2024

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Price Analysis

Dogecoin Price Struggling at Key Resistance: Is DOGE-Mania Settled Within Narrow Range?

Author: Sahana Vibhute

Feb 28, 2024 21:04

Story Highlights

The bullish market sentiments had lifted the price within the key resistance zone for the second consecutive day, but the bulls do not appear to carry enough strength to trigger a strong upswing
This could inversely impact the DOGE price, which is trying hard to slash a zero and eventually reach above the threshold to maintain a strong bullish trend

The memecoins appeared to have absorbed the ongoing bullish market sentiments, with the Bitcoin price hitting $60,000 for the first time since the 2021 bull run. The PEPE price led the rally, while the Dogecoin & Shiba Inu prices also followed to climb above their respective resistances. Both were very eager to slash a zero from their values that could have validated an escape from the bearish claws.

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Nevertheless, the SHIB price has displayed strength by leaping above $0.000011, while the DOGE price is hovering around $0.1. Has the Dogecoin price rally faded away?
The Dogecoin price has been trading under immense bearish heat ever since the token smashed the highs above $0.7. After marking the lows, the token recovered to some extent and maintained a trade within pre-determined levels for over 12 months. With the recent bullish push, the price is testing the same resistance zone that it faced rejection multiple times before. However, the current trade setup appears to be diverse, as a bullish breakout appears to be fast approaching.
The weekly chart indicates the growing strength among the bulls, as the price has been maintaining an ascending trend since the beginning of the year. The price now appears to have formed new resistance and support levels at 200D and 2100D weekly MA levels, respectively; hence, breaking above the resistance may trigger a fresh bullish rally. Besides, the technicals are now in favour of the bulls, which suggests the token may exhibit its strength very soon.
The DMI, which is a momentum indicator, is displaying a potential rise that could be fast approaching as the +Di is diverting apart from -Di. Previously, it happened during the 2021 bull run and a reputation of a similar action may trigger a similar reaction. Therefore, a rise beyond the key resistance at $1.066 and a weekly close beyond these levels may validate a rise above the bearish trap, which may initiate a fresh upswing to let off the Dogecoin mania in the next few weeks.
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